Portuguese project teaches children to think about money, learn promotions aren't always savings

Children as young as nine are learning to distinguish between needs and wants, and to recognize that not all sales offer genuine savings, thanks to a financial literacy program in Portugal. David, a third-grader at Escola Básica de Pedras Rubras, states, "We learned that we shouldn't spend on superfluous goods." He credits the "No Poupar Está o Ganho" (Saving is Winning) program from the Fundação António Cupertino de Miranda (FACM) for his understanding.

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We learned that we shouldn't spend on superfluous goods.

Benedita, a sixth-grader from Colégio São Gonçalo de Amarante, explained how her class developed a final project: a presentation titled "Financial Meeting: Money, Consciousness, and Life Lessons." The goal was to share their year-long learnings with the school and the wider Amarante community. "With this, we learn and the public learns too," she added. This year, nearly 35,000 students participated in the program, which aims to instill financial literacy from preschool through the 12th grade.

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The objective was to transmit the learnings that we had throughout the year with the school community and also with the Amarante community.

Inês Cupertino de Miranda, administrator for FACM, highlighted the program's impact, stating, "It has an impact because they begin to understand that mathematics has practical utility." She noted that all classes are encouraged to present a project demonstrating their acquired knowledge. Nélia Gomes, David's teacher, observed that preparing the final project boosted the students' confidence. The class created a video about supermarket promotions, concluding that "not always savings are true savings." Students now better identify essential items for their shopping carts.

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It has an impact because they begin to understand that mathematics has practical utility.

Cupertino de Miranda emphasized that financial literacy has a "dual aspect: knowledge and behavior." The program focuses heavily on behavior change, with parents reporting significant differences. "Children start going shopping and noting prices, comparing them. They begin to worry about the family's financial decisions," she said. Now in its 16th year, "No Poupar Está o Ganho" has reached over 150,000 students in more than 150 Portuguese municipalities. FACM runs three other initiatives: "Eu e a Minha Reforma" (Me and My Pension) for those over 55, "Educação Financeira: Uma Necessidade Especial" (Financial Education: A Special Need) for individuals with cognitive impairments, and "Por Tua Conta" (On Your Own) for vocational students.

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The parents themselves testify that they notice a huge difference in the children's behavior. The children start going shopping and noting prices, making comparisons between prices. They start to be concerned with the family's financial decisions.